Question

Prepare journal entries for the transactions listed in the preceding exercise (omitting explanations).
In Exercise
1. Purchased S3,000 of computer equipment on account.
2. Issued $7,500 of common stock to investors in exchange for cash.
3. Purchased supplies for $300 in cash.
4. Billed customers $25,000 for services rendered.
5. Paid salaries of $3,500 to employees.
6. Paid dividends to stockholders in the amount of $1,000.
7. Received $5,000 cash in payment of services earned and billed in the previous month.
8. Paid cash for the purchase in #1.
9. Borrowed $50,000 from the bank.